According to TradingView data, on the first day of trading for the Bitcoin spot ETF, the price of Bitcoin (BTC) reached a high of $48,965 yesterday, the highest since the end of December 2021. While the market was filled with optimism, industry insiders started issuing warnings to the community.
Renowned cryptocurrency analyst and Placeholder partner Chris Burniske stated on X platform on Friday that the current situation reminds him of the IPO of Coinbase exchange in April 2021, implying that the current excessive optimism may lead to short-term price peaks. He said, “The parallels to the Coinbase IPO in April 2021 are striking for me.”
Burniske’s prediction received many comments, and a member of the crypto community named “Alex Miller” jokingly said that considering Burniske’s accuracy rate, he doesn’t like this article. In fact, Burniske had successfully predicted the top of the bull market in 2021 and recognized the bottom of the bear market a few days after the collapse of FTX in 2022. Furthermore, he publicly expressed optimism about the future development of Solana when the SOL token reached its bottom in late 2023.
However, there are also community members who hold different opinions, believing that more attention should be paid to the Bitcoin halving and the subsequent changes in supply and demand dynamics rather than the approval of the ETF. In response, Burniske mentioned several historical market trends before and after halvings, stating that “the year after halving is an important year.”
Yesterday, when replying to community comments, Burniske also mentioned a similar viewpoint. When asked if he thinks 2024 will be as bullish as 2023, Burniske answered, “2025 > 2024 > 2023 > 2022,” indicating his greater optimism for the market development in 2025.
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